1 US-MONGOLIA 'THIRD NEIGHBOR TRADE ACT' ON THE WAY WWW.THEDIPLOMAT.COM PUBLISHED:2018/11/17      2 CHINA'S FIGHT AGAINST SMOG MAKES PALLADIUM 2018'S BEST METAL WWW.MINING.COM PUBLISHED:2018/11/17      3 MILLENNIUM CHALLENGE CORPORATION PRESENTS GMS LICENSES WWW.MONTSAME.MN PUBLISHED:2018/11/17      4 MONGOLIA CALLS FOR GLOBAL ATTENTION ON CLIMATE CHANGE WWW.NEWS.MN PUBLISHED:2018/11/17      5 ADB OPENS A NEW WASTEWATER TREATMENT PLANT IN ARVAIKHEER, MONGOLIA WWW.AGENPARL.EU PUBLISHED:2018/11/17      6 CHINA TO BOOST COOPERATION WITH INDIA, MONGOLIA: DEFENSE MINISTER WWW.GLOBALTIMES.CN PUBLISHED:2018/11/17      7 DEATH ON MONGOLIA’S ‘COAL ROAD’ WWW.NEWS.MN PUBLISHED:2018/11/17      8 MONGOLIA SHAKEN BY WIDENING LOAN SCANDAL WWW.ASIA.NIKKEI.COM PUBLISHED:2018/11/17      9 MONGOLIA’S UNEMPLOYMENT FALLS BY 2.2 PERCENT WWW.NEWS.MN PUBLISHED:2018/11/16      10 MEETING MEAT DEMAND: MONGOLIA TO TRADE 17.9 PERCENT OF LIVESTOCK WWW.NEWS.MN PUBLISHED:2018/11/16      БНСУ-ЫН АЖ АХУЙН НЭГЖҮҮДИЙН АУТСОРСИНГ ЗАХИАЛГЫГ ГҮЙЦЭТГЭХ ЗАЛУУЧУУДЫГ СОНГОН, ШАЛГАРУУЛНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/17     НҮҮРСНИЙ ЭКСПОРТ 10 ХУВИАР ӨСӨЖ, 31.3 САЯ ТОНН БОЛОВ WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/17     СУДАЛГААГААР ЖДҮ ЭРХЛЭГЧИД ЗЭЭЛИЙН ХҮҮНИЙ ЗАРДАЛ ХАМГИЙН ИХ ХҮНДРЭЛ УЧРУУЛДАГ ГЭЖ ХАРИУЛЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/17     ERDENE RESOURCE DEVELOPMENT: ХАЙГУУЛЫН ЗАРДАЛ III УЛИРАЛД 42 ХУВИАР БУУРСАН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/17     ГОРХИ, ТЭРЭЛЖИЙН БАЙГАЛИЙН БОХИРДОЛД АНХААРАЛ ХАНДУУЛЖ ЭХЛЭВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/17     ИРЭХ БААСАН ГАРАГТ ХОТЫН ДАРГЫГ ОГЦРУУЛАХ ЭСЭХИЙГ ХЭЛЭЛЦЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/17     “АМГАЛАН” ХОТХОНД БАЙРЛАХ ГЭРТЭЭ КАННАБИС ТАРЬЖ, УРГУУЛЖ БАЙСАН ТУРК ИРГЭНИЙГ БАРИВЧИЛЖЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/17     ӨНӨӨДӨР АВТОМАШИНЫ ДУГААРЫН ХЯЗГААРЛАЛТ ҮЙЛЧЛЭХГҮЙ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/17     ГАШУУНСУХАЙТЫН НҮҮРСТЭЙ МАШИНЫ ЦУВАА 120 КМ БОЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/16     ТАТВАРЫН ОРЛОГО 32.2 ХУВИАР ӨСӨЖ, ТӨСВИЙН ТЭНЦЭЛ 341.9 ТЭРБУМ ТӨГРӨГИЙН АШИГТАЙ ГАРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/16    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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BOM issues 1-week bills (August 30) www.montsame.mn

Ulaanbaatar /MONTSAME/ The Bank of Mongolia traded 647 billion MNT worth 1-week maturity central bank bill (“CBB”), with weighted average yield of 12.0 percent per annum. 

1 - week CBBs
1-week CBB plays an important role in managing the reserves of banks and is the core monetary policy instrument of the Bank of Mongolia. The interest rate on CBB will be the policy rate of the BOM and will serve as a guide interest rate on the interbank market. It was first introduced in July 2007, with fixed rate and unlimited bidding, and traded on a regular basis every Wednesday at the interbank market. This had attracted the banks’ interests providing the possibility for the banks to place their excess reserve in short term asset. Since the introduction of this instrument, there has been a substantial change in the way banks manage their reserves. For the favorable adjustment of CBB rate and loan principle along with the well balance of togrog and foreign exchange, 1 - week CBB auction has been held in the form of competitive interest rate since May 2010. In doing so, the upper and lower limits of the bank bids are to set +/- 2 per cent of the policy rate.

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Facebook is planning to build its own town www.weforum.org

Billions of people spend a lot of time living their lives on Facebook's social network. Now Facebook wants to try its hand at creating a community in the real world.

The internet giant wants to build housing, retail stores, a hotel and more at its corporate headquarters — in short, Facebook wants to build its own town.

Facebook unveiled plans on Thursday for the massive new construction project at its Menlo Park, California corporate campus, which is part of Facebook's plans to expand its home base. The 56-acre site, which Facebook bought in 2015 for about $400 million, is located directly across the street from Facebook's headquarters. It will offer 1.6 million square feet of housing, or 1,500 units.

In a blog post announcing the plans, Facebook described the future development as a "mixed-use village" that will provide residents, many of which will be Facebook employees, with housing, transportation services and other amenities.

"We plan to build 125,000 square feet of new retail space, including a grocery store, pharmacy and additional community-facing retail," Facebook said.

The new development will also include a hotel, according to the Silicon Valley Business Journal.

It will take roughly a decade to build, according to a person familiar with the plans. The initial phase of the project, which will include the housing and grocery store, will be wrapped up in the first half of 2021. The subsequent phases will be completed every two years, according to a blog post on Facebook's website.

While most of the housing will likely go to Facebook employees, Facebook is opening up the housing to the community at large. The housing will be a mix of market rate and affordable housing units, with 225 units, or 15%, priced below market rate.

"Part of our vision is to create a neighborhood center that provides long-needed community services," Facebook wrote.

One benefit of having employees live so close to campus is a reduction in the amount of traffic in the area, according to the blog post.

While Facebook has presented the plans to the City of Menlo Park, they have not yet been approved. The company expects the approval process to take about two years.

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Trade Development Bank cooperate on border trade loan with China Construction Bank www.tdbm.mn

Trade and Development Bank of Mongolia and China Construction Bank have signed “Border Trade Loan Agreement”.

China Construction Bank (CCB) is the largest investment bank in China's construction sector, operating since 1954. CCB has been named the 2nd largest bank in the world by market capitalization and 6th largest company in the world in 2015. Trade and Development Bank, Mongolia’s leading trade finance service provider and CCB have held a close cooperation since 2007 in terms of MNT and RMB transactions, co-financing and trade financing services.
Trade and Development Bank of Mongolia has further extended its cooperation with China Construction Bank by signing a Memorandum of Understanding on “Border Trade Loan Agreement” on August 21st, 2017. This agreement validates extensive trade financing opportunitites to business entities handling import and export of equipment and goods between Mongolia and China, moreover, enables delivery of loans with more favorable conditions, promoted bilateral trade development and strategic partnerships. Furthermore, the two parties are currently working on co-financing of large-scale construction and infrastructure projects in Mongolia.

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Mongolian parliament to hold session on dismissal of prime minister www.globaltimes.cn

The Mongolian parliament issued an ordinance Wednesday on convening an extraordinary session to discuss the removal of the country's prime minister. 

According to the ordinance issued by the parliament's speaker Miyegombyn Enkhbold, the session of the State Great Khural (Mongolia's parliament) scheduled for Aug. 30 to Sept. 7 will discuss the dismissal of Erdenebat Jargaltulga, the incumbent prime minister. 

Last week, 30 members from the ruling Mongolian People's Party (MPP) in parliament supported the petition to remove Jargaltulga from office. 

Jargaltulga violated national law on key economic issues related to concession deals, allowances for Mongolian children and stock shares in a mining company, among others, said Parliament member Ayursaikhan Tomorbaatar. 

"We observed that his actions and decisions were only to serve the interests of several groups, but not for the interests of the ordinary people of Mongolia," Tomorbaatar said. 

According to Mongolia laws, the petition demanding the dismissal of Jargaltulga must be discussed and resolved within 15 days. 

Erdenebat, 44, of the MPP, took office in July 2016.

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President of Mongolia, H.E. Battulga Khaltmaa, witnesses heroic Mongolian victory www.ijf.org

The 2017 Suzuki World Judo Championships saw Mongolia break Japan’s strangehold over the gold medals on Wednesday as Rio 2016 Olympic silver medallist DORJSUREN Sumiya became their country’s second female world champion in the history of Mongolia and first non-Japanese winner here in Budapest, in front of the President of Mongolia, H.E Battulga Khaltmaa.

 

After an epic World Championships final between DORJSUREN and world number one YOSHIDA Tsukasa (JPN) it was the Mongolian who won on the IJF’s biggest stage after a 15-minute duel for gold which teased, tantalised and elated the crowd all at the same time.

The President of Mongolia, H.E. BATTULGA Khaltmaa, who is also President of the Mongolian Judo Association, has often worked out with his country’s national team at their training centre in Ulaanbaatar and was on the edge of his seat for the duration of the contest.

H.E. BATTULGA Khaltmaa watched the final from his matside position only metres away from the action and was swiftly congratulated by all those around him as the crowd was awash with Mongolian flags and supporters who sang the loudest anthem of the competition so far.

H.E. BATTULGA Khaltmaa said: “The gold medal is very important. We are here to get the gold medal. We were planning on getting the gold medal in -48kg category but we could only get the silver.

“Today is a great day for Mongolia and we have still good judoka to come. We won against Japan and took the first title for a non-Japanese athlete. France won its first medal of the competition and we have now four medals. Mongolian judo is becoming the number one sport in my country. But judo is much more than a sport. It is discipline and education, as well as respect, and in judo we bow to each other. Today we have discovered the new heroes of Mongolia.”

After a scoreless opening four minutes, the seconds and minutes elapsed as both judoka were unrelenting in their bid for gold on day three in Hungary. At the six minute mark of golden score, the crowd were out of their seats clapping trying to energise both judoka and they didn’t want the all-action final to end. DORJSUREN was manoeuvring for an opening and after nine minutes of golden score she threw YOSHIDA with a koshi-guruma for a waza-ari which was worth world gold. DORJSUREN reacted by throwing her hands up in the air before tapping the Mongolian flag on her judogi to show the world where she comes from and where the world title was going to.

 

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Rio opens 16th Pilbara iron ore mine www.mining.com

Rio Tinto (ASX, LON:RIO), the world's second largest iron ore producer, on Wednesday formally opened its 16th iron ore mine in the Pilbara region of Western Australia.

The Silvergrass mine is due to be commissioned during the final quarter and the $338 million brownfield development is set to produce 10m tonnes of low-sulphurous ore a year.

Rio Tinto chief executive Jean-Sébastien Jacques said Silvergrass was a "great example of our value-over-volume approach," as the mine would provide low-cost, high-grade material to maintain the quality of the miner's brandname Pilbara Blend.

Silvergrass is located adjacent to Rio's Nammuldi mine and ore would be moved to the Namuldi plant by a 9-km conveyer system currently under construction.

The initial phase, with a five million tonne per annum capacity, began production in the fourth quarter of 2015. Final capacity could be in excess of 20m tonnes per year, but most of Silvergrass output would replace depleting resources elsewhere.

Rio is also moving ahead with its $2.2 billion Koodaideri iron ore project in Western Australia, 110km west-north-west of Newman. The project would begin construction in 2019 and enter production two years later.

Rio Tinto said it shipped its five billionth tonne of iron ore last year after 50 years of operations in the Pilbara and has invested some $20 billion in Western Australia over the past decade.

Last month, the Melbourne-based giant cut back guidance for iron ore output in 2017 by up to 10m tonnes to around 330m tonnes. Iron ore accounts for just less than half Rio's earnings.

The Northern China import price of iron ore was holding steady in the mid-$7os a tonne range this week, up more than 40% from lows struck mid-June.

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South Korean court orders Kia Motors to pay about $374 million to workers www.reuters.com

SEOUL (Reuters) - A South Korean court on Thursday ruled against Kia Motors, ordering the automaker to pay around 420 billion won ($374 million) in unpaid wages.

Kia Motors’ workers filed a lawsuit in 2011, claiming unpaid wages of 659 billion won. In 2014, they lodged an additional wage lawsuit.

The workers said regular bonuses should be included as part of a base pay used to calculate overtime, compensation for unused annual leave, severance pay and other payments.

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Tokyo & Washington to limit North Korean access to oil - media www.rt.com

 
Japan and the United States will push for an international embargo on oil exports to North Korea following Pyongyang’s launch of a ballistic missile over Japan, the Japanese media report.
 
When asked by reporters about the possibility of an oil embargo, Bessho suggested that was an option.
 
China has opposed the embargo, saying it can worsen the lives of ordinary North Korean citizens.
On Tuesday, North Korea launched an intermediate-range Hwasong-12 ballistic missile which passed through Japan’s northern airspace. This was the fifth time North Korean missiles have flown over Japan.
 
Pyongyang hinted the next missile could hit the US Pacific territory of Guam.
 
China supplies most of North Korea’s crude, although Beijing no longer reports its oil shipments to the isolated country. According to South Korean data, China supplies about 500,000 tons of crude oil annually. China also exports over 200,000 tons of oil products, according to United Nations data.
 
In June, Reuters reported Chinese national oil corporation CNPC significantly cut fuel sales to North Korea. According to the agency, the decision was made more for business reasons rather than political. CNPC demands upfront payments, and North Korea has failed to pay recently.
 
North Korea has some limited crude oil exploration, according to the Energy Information Administration, but doesn’t produce petroleum.
 
During the country’s industrial peak in the 1970s and 1980s, it imported oil from China and the Soviet Union at below-market prices.
 
However, the deals ended after the Cold War, and North Korea's oil consumption dropped from 76,000 barrels per day in 1991 to an estimated 15,000 in 2016, the EIA reports.
 
China has also slashed coal imports from North Korea. Shipments of coal slumped by 75 percent in the first half of the year. Coal sales are the biggest source of foreign currency for Pyongyang.
 
However, China-North Korea trade surged 10 percent to $2.6 billion in the first half of the year, angering US President Donald Trump.
 
Beijing said the surge was mainly due to an increase in textile exports and no international sanctions were broken.
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EIB backs USD 120 million Sainshand wind farm in Mongolia www.globalfdi.net

The Sainshand wind farm in Mongolia, the third privately financed wind farm in the country, will receive a USD 120 million project financing package from a group of international investors and financiers.

Located 460 km south-east of Ulaanbaatar in the Gobi Desert, Sainshand Salkhin Park LLC is sponsored by French energy leader ENGIE, German project developer Ferrostaal, Danish Climate Investment Fund (DCIF) and Mongolian entrepreneur, Radnaabazar Davaanyam, with long-term financing provided by the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).

The lenders have agreed to provide a total project financing of USD 78.5 million, which comprises EIB funding of USD 47 million, of which the first tranche will be guaranteed by EKF, Denmark’s Export Credit Agency, with NORD/LB acting as agent; and EBRD funding of USD 31.5 million.
Once operational, the new Sainshand wind farm will make a significant contribution to reducing Mongolia’s carbon emissions and cater for an expected increase in power demand in the country. The scheme will significantly enlarge Mongolia’s renewable energy capacity and help the government to achieve the goal of renewable energy accounting for 20 per cent of all power by 2020, and 30 per cent by 2030.

Jonathan Taylor, Vice President, European Investment Bank (EIB), said: “The European Investment Bank is committed to supporting climate-related investment across Asia and is pleased to support development of wind power in Mongolia, which provides an alternative to coal use. The Sainshand wind farm will use world-class technology and demonstrate that wind power can be successfully harnessed in remote regions facing a harsh climate.”

Hans-Dietmar Schweisgut, Ambassador, European Union to Mongolia, said: “Mongolia and the European Union are signatories of the Paris Climate Agreement and the new Sainshand wind farm shows the close partnership between Europe and Mongolia to reduce carbon emissions through renewable energy. European finance and technical expertise, working in close cooperation with Mongolian partners, demonstrate a shared ambition to harness wind from the Gobi Desert to tackle climate change.”

The Sainshand wind farm will be built by China Machinery Engineering Corporation (CMEC) as the engineering, procurement and construction (EPC) contractor, and will use 25 Vestas V110 2.2 MW turbines to deliver up to 55 MW of clean energy that will save an estimated 200,000 tonnes of carbon emissions. Construction at the site is expected to start later this summer and be completed before the end of 2018. It follows three years of wind surveys to measure the high-yield winds in the area. The average wind speeds per second at the site are ideal for onshore wind energy.

The project has been developed in consultation with the local communities and a detailed environmental impact assessment has been approved by the relevant national authority. Financing has been agreed following preparation of a comprehensive environmental and social management system compliant with international standards such as those of the EBRD, EIB, International Finance Corporation (IFC) and the Equator Principles.

The European Investment Bank has operated in Mongolia since 1997 and past engagement has supported investment in water infrastructure in the capital Ulaanbaatar.

The EIB is one of the world’s largest financiers for renewable energy investment and last year provided €3.9 billion for renewable energy projects including wind, geothermal, solar and hydropower schemes around the world.

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Orbán meets with Mongolian president www.bbj.hu

Prime Minister Viktor Orbán met with Mongolian President Khaltmaa Battulga in Budapest on Tuesday, state news wire MTI reported. Minister of Foreign Affairs and Trade Péter Szijjártó also met with his Mongolian counterpart during the day.

The sides agreed that strengthening partnerships in the areas of information technology, water management, food production and animal health can foster closer economic ties between the two countries, Bertalan Havasi, the PMʼs press chief, told MTI.

The parties also voiced their support for the use of tied aid for developments, he added.

The Mongolian president, a recently elected former martial arts star, is in Budapest for the World Judo Championships, which the capital is hosting until September 3.

Also Tuesday, Minister of Foreign Affairs and Trade Péter Szijjártó met with his Mongolian counterpart Lundeg Purevsuren in Budapest.

Hungary firmly supports the Mongolian governmentʼs endeavor to establish a strategic cooperation with the European Union, Szijjártó said in a statement. Mongolia wants to establish this strategic cooperation with the EU based on its "third neighbor" policy, which aims to build relationships with countries other than Russia and China, he added.

Economic ties between Hungary and Mongolia could benefit from partnerships in the areas of water management, animal health and information technology, Szijjártó said.

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